Glossary

The time value of money is a function of the interest rate paid and the amount of time the money is invested. It is the ability to invest money and earn income or interest over a period of time.

Timing risk is the uncertainty surrounding the timing of a loss occurrence and its payout profile.

Title VII of the Civil Rights Act of 1964 is a law prohibiting discrimination by private sector employers.

Tolling a statute of limitations occurs when a time period during which a statute of limitations for bringing a specific type of legal action is temporarily stopped from running.

Tontine is a pooling arrangement involving a group of people whereby dividends are paid to all individuals still living after a specified time period has elapsed at the expense of those who have died.

Tool and die floater is inland marine coverage on metal molds and specialized tools needed to produce a customized metal part or housing.

A tort is a civil or private wrong giving rise to legal liability.

A tortfeasor is a party accused of committing a tort; customarily, the defendant in a liability lawsuit.

In auto no-fault insurance, tort threshold measures of the minimum injury severity that, once reached, allows the insured to sue for noneconomic damages.

Total disability, as defined in a disability income policy, determines the liability of the insurer.